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Non-Keynesian effects of Government Spending: Some implications for the Stability and Growth Pact

Neicheva, Maria (2007): Non-Keynesian effects of Government Spending: Some implications for the Stability and Growth Pact.

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Abstract

The paper focuses on the non-Keynesian effects of fiscal policy, specifically government expenditure on output in Bulgaria. The main finding of the study is that the size of the fiscal impulse is the most important determinant of the non-Keynesian outcome. Also, the results imply that the “balanced-budget rule” does not automatically assure growth; the regulations regarding the budgetary categories themselves should also be considered.

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